Bitcoin Slumps Below $97K After Sacks' Strategic Reserve Comments

The Bitcoin market experienced a downturn after a weekend rally fueled by tariff-induced uncertainty. By the end of the U.S. trading session, Bitcoin's value had dropped by 4.8% over the past 24 hours, settling at $96,900.

This decline seemed to coincide with a press conference held by David Sacks, the White House's crypto and AI adviser. Expectations for a discussion on a strategic bitcoin reserve were unmet, as the focus was predominantly on regulatory issues.

Sacks briefly mentioned Bitcoin when discussing the White House's feasibility study on a strategic reserve. However, he directed further inquiries to Commerce Secretary nominee Howard Lutnick and Treasury Secretary Scott Bessent, who will lead the sovereign wealth fund initiative.